The next 34th GST council meeting has been scheduled to be organized on 19th March which is also ought to be unique with a union meeting going to conducted in election code of conduct.
The meeting will be discussing and finalizing the rules and amendments taken for the recent change in tax rate on under construction properties. The upcoming GST council meeting will be done through video conference and may discuss real estate issues only.
While all the other discussion would rest aside until the model code of conduct is in applicability due to 2019 election polls. The committee may only decide on the under-construction properties tax rates.
Also, the meeting will be setting up guidelines for such rate change which was reduced down to 1 per cent fro the affordable housing and 5 per cent for the under construction properties.
The guidelines would be sorting out all the clarification for the real estate sector and the builders which are not eligible to claim input tax credit after the implementation.
Under the amendment, the council also stated that all the builders are required to procure 80 per cent of raw material or the input from registered dealers only from the formal sector.
